FNSACC421: Prepare Financial Reports Assessment 2

You are required to:

(a) Enter the above details on the Asset Register card located in the templates under the tab labelled Task 2

(b) Calculate and record depreciation on 30/06/21 following organisational policies and procedures.

(c) Calculate and record depreciation on 30/06/22 following organisational policies and procedures.

Task Pr3: Maintaining a Depreciation Schedule

• On Moodle, locate the Excel file named “Kookaburra Furniture Templates.xls”.
• Using the tab labelled Task 3 and for the table for the year ended 30 June 2021 year, enter the details for the Toyota Ute and calculate depreciation for this financial year. Check that it matches your manual calculations in Task PR2.
• Move to the next year, 2021-2022. In this year Kookaburra Furniture still owned the Ute but also purchased some other assets. Calculate the depreciation for this financial year for all assets. Check that the data for the Ute matches your manual calculations in Task PR2.
• Complete all totals for cost, deprecation and written down value

This report must be accurate as it forms the information for the end of year provision for depreciation. If all cells turn green, then this task is correct. If the cells do not turn green, then you need to try again or seek help from your assessor.

Assessment Brief FNSACC421 Task 2 

Act as the bookkeeper for Kookaburra Furniture and complete a sequence of bookkeeping tasks in the supplied Excel templates so that the business books are ready for year-end reporting. Deliverables cover planning, fixed-asset accounting, balance-day adjustments, disposal entries, ledger close, and preparation of the Profit & Loss and Balance Sheet.

Key pointers to cover:

• Create a workplan that organises tasks and timelines (Task Pr1).
• Maintain an Asset Register and record acquisitions (e.g., Toyota Ute), including GST treatment.
• Calculate and post depreciation for relevant periods (30/06/2021 and 30/06/2022) following organisational policies (use low-value pool rules where applicable).
• Complete the Depreciation Schedule and reconcile manual calculations with the template (Task Pr3).
• Record balance-day adjustments (accruals, prepayments, provisions, GST adjustments).
• Record any asset disposals correctly (remove asset cost, accumulated depreciation, record gain/loss).
• Close the ledger for the financial year and prepare the Trial Balance. There is one compulsory checkpoint where your trial balance figures must match the PR11 reference figures.
• Prepare Profit & Loss Statement and Balance Sheet using template data.
• Ensure GST reporting is on an accrual basis and that capital acquisitions follow the business policy (assets < $100 expensed; < $1,000 go to low-value pool).
• Follow instructions step-by-step and use unit learning (Units 2–9) and textbook guidance.

How the Academic Mentor Guided the Student Step-by-Step

1. Clarify scope & plan (Task Pr1)

   • Mentor reviewed the project brief and templates with the student, helped identify each milestone and the checkpoint, and guided the student to create a realistic workplan with deadlines and required resources (templates, calculator, textbook).

2. Record asset acquisition (Task Pr2)

   • Mentor walked the student through entering the supplier invoice details into the Asset Register (cost ex GST, GST element, invoice date, ABN).
   • Discussed GST treatment and classification (capital vs expense / low-value pool).

3. Depreciation method & manual check (Tasks Pr2 & Pr3)

   • Mentor explained the depreciation method required by the project (e.g., straight-line or diminishing balance per policy), useful formulas and conventions (prorating by purchase date).
   • Student calculated depreciation manually; mentor reviewed calculations and then guided completing the Depreciation Schedule in Excel, checking that the template totals turned green (correct).

4. Record balance-day adjustments

   • Mentor explained common adjustments (accrued income, accrued expenses, prepayments, GST adjustments) and demonstrated the journal entries and supporting workings required.

5. Asset disposal entries

   • Mentor demonstrated removing asset cost and accumulated depreciation, and recording any profit or loss on disposal with supporting journal entries.

6. Ledgers, trial balance & checkpoint

   • Mentor helped post journal entries into the ledger templates, run the trial balance and compare figures to PR11 checkpoint. Where differences occurred, mentor coached on tracing errors (transposition, omitted entries, wrong polarity).

7. Prepare financial statements

   • Mentor advised on pulling final figures into the Profit & Loss and Balance Sheet templates, ensuring classification and formatting matched the project requirements.

8. Quality check & submission

   • Mentor reviewed the whole workbook for: template accuracy, supporting calculations, GST treatment, consistent presentation, and that the checkpoint matched PR11. Final edits were made prior to upload.

Outcome What Was Achieved

• Completed workplan and met the compulsory checkpoint schedule.
• Accurately entered the Toyota Ute purchase, recorded GST correctly and classified the asset per company policy.
• Depreciation computed and posted for years ending 30/06/2021 and 30/06/2022; Depreciation Schedule reconciled with manual workings.
• All balance-day adjustments (accruals, prepayments, provisions) were journalled and reflected in the trial balance.
• Asset disposal (if applicable in scenario) recorded with correct gain/loss recognition.
• Ledger closing completed; Trial Balance reconciled and matched PR11 at the checkpoint.
• Final Profit & Loss and Balance Sheet prepared, formatted, and ready for submission.
• Workbooks uploaded to Moodle per instructions.

Learning Objectives Covered

• Apply bookkeeping procedures to record asset acquisitions, depreciation and disposals.
• Execute balance-day adjustments and understand their impact on financial statements.
• Use accounting templates to post journals, maintain ledgers and produce trial balances.
• Reconcile manual calculations with system templates and perform error-tracing.
• Prepare end-of-year financial statements (Profit & Loss and Balance Sheet) compliant with organisational policy.
• Demonstrate professional practices: planning & organisation, attention to detail, GST treatment (accrual basis), and compliance with company policies.

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